Companies · Biotechnology

Heartflow, Inc.

REDWOOD CITY · Biotechnology

Diligence memoA one-page analyst read on Heartflow, Inc. — recommendation, valuation, rhythm, risks.
$391.8M
Total raised · real
8
Rounds
0.7×
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Tue Jun 11 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Heartflow, Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.64× the median modeled value of Series D+ Biotechnology companies in 2019–2021 (58 peers) — value vs value, same stage and era.
Dormant
  • Last raise 7.1 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

Heartflow, Inc. is one of 4291 Biotechnology companies tracked from REDWOOD CITY. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
9
Investors (latest)
2019-06-11
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BPre-Seed · 2009-07-02 Raised $195K (real) Modeled valuation $11M (est)Pre-Seed2009Seed · 2010-04-06 Raised $1.6M (real) Modeled valuation $71M (est)Seed2010Series A · 2010-06-04 Raised $10M (real) Modeled valuation $362M (est)Series A2010Series A · 2010-08-23 Raised $14M (real) Modeled valuation $510M (est)Series A2010Series B · 2010-08-23 Raised $20M (real) Modeled valuation $810M (est)Series B2010Series C · 2011-12-21 Raised $75M (real) Modeled valuation $3.1B (est)Series C2011Series C · 2011-12-21 Raised $65M (real) Modeled valuation $2.7B (est)Series C2011Series D+ · 2011-12-21 Raised $105M (real) Modeled valuation $4.3B (est)Series D+2011Series D+ · 2015-01-30 Raised $100M (real) Modeled valuation $4.1B (est)Series D+2015Series B · 2015-01-30 Raised $36M (real) Modeled valuation $1.4B (est)Series B2015Series D+ · 2017-11-20 Raised $90M (real) Modeled valuation $3.7B (est)Series D+2017Series D+ · 2019-06-11 Raised $65M (real) Modeled valuation $2.7B (est)Series D+2019Cumulative $582M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$195K · 2009
Seed$1.6M · 2010
Series A$10.0M · 2010
Series A extension$14.1M · 2010
Series B$20.4M · 2010
Series C$75.0M · 2011
Series C extension$65.0M · 2011
Series D+$104.7M · 2011
Series D+ extension$99.9M · 2015
Bridge · Series D+-stage$35.9M · 2015smaller follow-on
Series D+ extension$90.0M · 2017
Series D+ extension$65.0M · 2019

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$2.7B
Base estimate est.
$294.7M
Conservative case
$5.9B
Upside case
$541.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $10.8M · 2009-07-022009Seed · modeled $71.0M · 2010-04-06Series A · modeled $361.5M · 2010-06-04Series A · modeled $510.3M · 2010-08-23Series B · modeled $810.3M · 2010-08-23Series C · modeled $3.1B · 2011-12-21Series C · modeled $2.7B · 2011-12-21Series D+ · modeled $4.3B · 2011-12-21Series D+ · modeled $4.1B · 2015-01-30Series B · modeled $1.4B · 2015-01-30Series D+ · modeled $3.7B · 2017-11-20Series D+ · modeled $2.7B · 2019-06-112019
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
68%
Survival probability
54% low · 75% high
1.39×/yr
Annual markup
1.56×/yr upside case
6.0 yr
Elapsed time used
7.1 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$39.4M/yr
Capital velocity
17.0 yr
On record since
2009
First round
12
Rounds on file
How it compares to the market

Benchmarked against 4291 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 54× above median
This company$391.8M
Sector median$7.2M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.5× of median
This company$65.0M
Sector median$120.0M
Modeled value — vs sector median (estimate, all stages) 42× above median
This company$2.7B
Sector median$64.2M

Raised more than 99% of sector peers (real $). Modeled value above 96% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #52 of 58.

This companyCohort peer
$1.0B$10.0B$100.0B$100.0M$1.0BCapital raised (log)Sarepta Therapeutics, Inc. · Series D+ Raised $430.5M · modeled $16.5B (est)Asklepios BioPharmaceutical, Inc. · Series D+ Raised $199.7M · modeled $8.2B (est)Affinivax, Inc. · Series D+ Raised $233.0M · modeled $7.8B (est)Sonoma Biotherapeutics, Inc. · Series D+ Raised $265.0M · modeled $7.7B (est)Instil Bio, Inc. · Series D+ Raised $381.2M · modeled $6.5B (est)Umoja Biopharma, Inc. · Series D+ Raised $210.0M · modeled $6.3B (est)NiKang Therapeutics, Inc. · Series D+ Raised $200.0M · modeled $6.2B (est)Insitro, Inc. · Series D+ Raised $143.2M · modeled $5.9B (est)Arbor Biotechnologies, Inc. · Series D+ Raised $230.6M · modeled $5.7B (est)VelosBio Inc. · Series D+ Raised $210.5M · modeled $5.6B (est)Erasca, Inc. · Series D+ Raised $183.7M · modeled $5.2B (est)Allovir, Inc. · Series D+ Raised $151.3M · modeled $5.0B (est)Heartflow, Inc. (this company) Raised $391.8M · modeled $2.7B (est)Heartflow, Inc.
CompanyStageRaised · realValue · estvs peer med.
Sarepta Therapeutics, Inc.Series D+$430.5M$16.5B3.92×
Asklepios BioPharmaceutical, Inc.Series D+$199.7M$8.2B1.96×
Affinivax, Inc.Series D+$233.0M$7.8B1.86×
Sonoma Biotherapeutics, Inc.Series D+$265.0M$7.7B1.82×
Instil Bio, Inc.Series D+$381.2M$6.5B1.54×
Umoja Biopharma, Inc.Series D+$210.0M$6.3B1.51×
NiKang Therapeutics, Inc.Series D+$200.0M$6.2B1.46×
Insitro, Inc.Series D+$143.2M$5.9B1.40×
Arbor Biotechnologies, Inc.Series D+$230.6M$5.7B1.36×
VelosBio Inc.Series D+$210.5M$5.6B1.33×
Erasca, Inc.Series D+$183.7M$5.2B1.23×
Allovir, Inc.Series D+$151.3M$5.0B1.19×
Heartflow, Inc. this companySeries D+$391.8M$2.7B0.64×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$195K2009-07-02$1.1M$10.8M85%
Seed$1.6M2010-04-06$8.0M$71.0M85%
Series A$10.0M2010-06-04$45.5M$361.5M85%
Series A$14.1M2010-08-23$64.2M$510.3M85%
Series B$20.4M2010-08-23$113.4M$810.3M85%
Series C$75.0M2011-12-21$500.0M$3.1B85%
Series C$65.0M2011-12-21$433.3M$2.7B85%
Series D+$104.7M2011-12-21$872.5M$4.3B85%
Series D+$99.9M2015-01-30$832.8M$4.1B85%
Series B$35.9M2015-01-30$199.3M$1.4B85%
Series D+$90.0M2017-11-20$750.0M$3.7B90%
Series D+$65.0M2019-06-11$541.7M$2.7B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$195K2009-07-02
    • First recorded raise — entered as Pre-Seed.
    • 3 investors on this round.
  2. Seed$1.6M2010-04-06
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 8.2× larger than the prior — scaling up.
    • 3 investors on this round.
  3. Series A$10.0M2010-06-04
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 6.3× larger than the prior — scaling up.
    • 5 investors on this round.
  4. Series A$14.1M2010-08-23
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 7 investors on this round.
  5. Series B$20.4M2010-08-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× larger than the prior — scaling up.
    • 10 investors on this round.
  6. Series C$75.0M2011-12-21
    • Raised 16 mo later, in step with the ~14 mo sector norm.
    • Round 3.7× larger than the prior — scaling up.
    • 18 investors on this round.
  7. Series C$65.0M2011-12-21
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 15 investors on this round.
  8. Series D+$104.7M2011-12-21
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 29 investors on this round.
  9. Series D+$99.9M2015-01-30
    • Raised again after 37 mo — slower than the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 25 investors on this round.
  10. Series B$35.9M2015-01-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.8× smaller than the prior — bridge or down round.
    • 16 investors on this round.
  11. Series D+$90.0M2017-11-20
    • Raised again after 34 mo — slower than the ~14 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • 2 investors on this round.
  12. Series D+$65.0M2019-06-11
    • Raised 19 mo later, in step with the ~14 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 9 investors on this round.
Intelligence
2020 ~Q2
Modeled next raise · ~11mo cadence
$65.0M
Modeled next size est.range $65.0M$104.0M
0.7×
Last step-up
$39.4M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Casey Tansey13 other2010-08
Robert Mitchell8 other2010-04
Dana Mead6 other2019-06
John Stevens5 other2010-04
Casey K. Tansey2 other2015-01
Casey A. Tansey1 other2019-06
Philip M. Young1 other2010-08
Thomas C. Hawes1 other2011-12
Barry A. Uphoff2010-08
Barry M. Uphoff2015-01
Charles A. Taylor2009-07
Christopher K. Zarins2009-07
Christopher K. Zarins, M.D.2010-04
Eran K. Broshy2011-12
H. Baird A. Radford, III2019-06
H. Baird M. Radford, III2015-01
Jeff C. Lightcap2011-12
Jeff M. Lightcap2015-01
Jesse K. Du Bey2011-12
John A. Stevens2019-06
John R. Vrolyk2009-07
Kent A. Walker2019-06
Kent Espinosa Walker2015-01
KENT M. WALKER2017-11
Registry & provenance

Heartflow, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1464521
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Crinetics Pharmaceuticals, Inc.BiotechnologySeries D+$428.0M$4.3Bsame sector · same stage
Viela Bio, Inc.BiotechnologySeries D+$357.3M$3.1Bsame sector · same stage
MapLight Therapeutics, Inc.BiotechnologySeries D+$356.2M$1.5Bsame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cardio Flow, Inc.BiotechnologySeries A$2.1M94%
Flow Forward Medical, Inc.BiotechnologyPre-Seed$16.6M90%
Cardiac Insight, Inc.BiotechnologySeries A$183.8M89%
CardioFocus, Inc.BiotechnologySeries B$351.9M88%
Heartpoint Global Inc.BiotechnologySeed$147.9M88%
Second Heart Assist, Inc.BiotechnologySeries B$39.7M88%
Heart of Gold Laboratories, LLCBiotechnologyPre-Seed$23.0M88%
Innovative Cardiovascular Solutions, LLCBiotechnologySeed$13.0M87%
Frequently asked
How much funding has Heartflow, Inc. raised?
Heartflow, Inc. has raised approximately $391.8M in disclosed capital across 8 recorded financing rounds, aggregated from public filings.
What is Heartflow, Inc.'s estimated valuation?
Provath's modeled valuation for Heartflow, Inc. is approximately $2.7B (modeled range $294.7M–$5.9B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Heartflow, Inc. at?
Heartflow, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Tue Jun 11.
What does Heartflow, Inc. do and where is it based?
Heartflow, Inc. operates in the Biotechnology sector, based in REDWOOD CITY.
Explore related

See where Heartflow, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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